UN approves first carbon credits

The United Nations yesterday announced the approval of the first carbon credits under a global market aimed at reducing emissions, a mechanism that has faced scrutiny over greenwashing concerns.

The UN-run market, established under the Paris climate accord, allows companies and countries to offset their excess emissions by financing projects that cut greenhouse gases in other nations.

Critics fear that if set up poorly, such schemes can undermine the world’s efforts to curb global warming by allowing countries or companies to greenwash -- or overstate -- their emissions reductions.

The first credits issued under new carbon market involve a project in Myanmar that distributes efficient wood-burning cookstoves that reduce harmful household air pollution and ease pressure on forests, UN agency said.